本文關(guān)鍵詞： 私募股權(quán)投資 稅收政策 企業(yè)行為　出處：《西南財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自2007年《中華人民共和國合伙企業(yè)法》正式頒布以來,因合伙企業(yè)其相對一般有限責(zé)任公司而言,組成股東普通合伙人及有限合伙人不同權(quán)責(zé)的劃分,使得投資機構(gòu)在實行投資行為時擁有更大的自主性；更重要的是根據(jù)合伙企業(yè)法的規(guī)定,合伙企業(yè)不屬于納稅主體,不承擔(dān)納稅義務(wù),僅當(dāng)合伙企業(yè)分配收益時由合伙人繳納所得稅即可,這種稅收制度使得采用合伙企業(yè)作為私募股權(quán)投資主體的投資人收益相較于普通有限責(zé)任公司作為投資主體有了較大的提升,也與采用信托、理財?shù)确绞降耐顿Y渠道有了更大的競爭力(信托收益及理財產(chǎn)品收益目前都不用繳納所得稅)。所以私募股權(quán)投資機構(gòu)及投資主體開始迅猛發(fā)展。而2009年7月創(chuàng)業(yè)板的設(shè)立,為私募股權(quán)投資機構(gòu)投資行為的退出提供了一個極好的退出渠道,大量尚未達(dá)到主板上市標(biāo)準(zhǔn)但又有較好的發(fā)展前景的公司,特別是包括享受國家稅收優(yōu)惠政策的科技型企業(yè)有了上市的可能,而稅收的優(yōu)惠政策又使得其財務(wù)數(shù)據(jù)更加漂亮。所以,至此整個中國的私募股權(quán)市場再次發(fā)展起來。因此筆者認(rèn)為,從這兩方面來看,無論是針對股權(quán)投資行為主體的稅收政策的變化還是針對股權(quán)投資標(biāo)的的稅收優(yōu)惠政策,都對私募股權(quán)投資公司的行為有著較為顯著的影響。為了論證筆者之看法,本文首先對股權(quán)投資本文首先介紹股權(quán)投資(風(fēng)險投資)的涵義、行為以及我國股權(quán)投資發(fā)展的階段和基本特征,著重描寫目前昆吾九鼎公司在股權(quán)投資業(yè)務(wù)發(fā)展情況以及其企業(yè)戰(zhàn)略。然后再通過比較分析,研究不同國家的股權(quán)投資稅收政策。對美國、印度和新加坡的私募股權(quán)投資稅收政策進(jìn)行詳細(xì)介紹,在此基礎(chǔ)上總結(jié)出我國私募股權(quán)投資稅收政策可能借鑒的經(jīng)驗。以及分析我國私募股權(quán)投資稅收政策對私募股權(quán)投資行為的影響。重點研究我國私募股權(quán)投資稅收政策的現(xiàn)狀和存在的問題,針對私募股權(quán)投資的宏觀調(diào)控能力不強,稅收優(yōu)惠政策存在缺乏針對性、目標(biāo)不明確、方法單一等諸多問題,政策效用不大等問題,進(jìn)行合理的分析。最后從實證的角度,依據(jù)我國私募股權(quán)投資發(fā)展?fàn)顩r和稅收政策現(xiàn)狀,通過對昆吾九鼎公司不同時期企業(yè)行為的分析,構(gòu)建了私募股權(quán)投資影響因素模型,探尋稅收政策優(yōu)惠因素對昆吾九鼎的影響程度；最后,依據(jù)理論和昆吾九鼎現(xiàn)實分析的結(jié)論,論證筆者所提出的相關(guān)理論,及國家對私募股權(quán)投資行為的稅收政策,以及對被投資主體的稅收優(yōu)惠,因為其能較為顯著的提高私募股權(quán)投資行為的收益,所以能較為顯著的影響到私募股權(quán)投資機構(gòu)的企業(yè)行為,同時根據(jù)這一基本依據(jù)提出了針對股權(quán)投資公司及被投資企業(yè)的政策建議,用以優(yōu)化我國私募股權(quán)投資稅收政策,進(jìn)一步提高私募股權(quán)投資行為的積極性,促進(jìn)其對經(jīng)濟(jì)金融發(fā)展的影響。
[Abstract]:Since the formal promulgation of the Law of the people's Republic of China on Partnership Enterprises in 2007, because of the division of the different rights and responsibilities of the general partner and the limited partner, the partnership is composed of different rights and responsibilities in relation to the general limited liability company. Making investment institutions have greater autonomy in carrying out their investment activities; more importantly, according to the provisions of the Partnership Enterprise Law, the partnership enterprise does not belong to the tax payer and does not bear tax obligations. Only when the partnership distributes the income, the partner pays the income tax, This kind of tax system makes the income of the investors who adopt partnership as the main body of private equity investment to be higher than that of ordinary limited liability company as investment subject, and it is also higher than that of adopting trust. Investment channels such as financial management have become more competitive (trust income and income from wealth management products are not currently subject to income tax). So private equity investment institutions and investors began to develop rapidly. And in July 2009, the establishment of the gem, It provides an excellent exit channel for the investment behavior of private equity investment institutions. A large number of companies that have not yet reached the standard of listing on the main board but have good prospects for development, In particular, technology-based enterprises, including those that enjoy preferential tax policies from the state, have the possibility of listing on the market, and the preferential tax policies in turn make their financial data more beautiful. So, At this point, the private equity market in China has developed again. Therefore, the author believes that, from these two aspects, whether it is the change of tax policy for the subject of equity investment or the preferential tax policy for the subject matter of equity investment, In order to prove the author's view, this paper first introduces the meaning of equity investment (venture capital). Behavior and the stage and basic characteristics of the development of equity investment in China, focusing on describing the current development of Kun Wu Jiuding Company's equity investment business and its enterprise strategy. Then through comparative analysis, The tax policy on private equity investment in the United States, India and Singapore is introduced in detail. On this basis, this paper summarizes the experience of tax policy on private equity investment in China, and analyzes the influence of tax policy on private equity investment in China. It focuses on the study of tax on private equity investment in China. The current situation and problems of the closing policy, In view of the lack of macro-control ability of private equity investment, the lack of pertinence of preferential tax policy, the lack of clear objectives, the single method, and so on, the paper makes a reasonable analysis. Finally, from the perspective of empirical analysis, the author makes a reasonable analysis. According to the development of private equity investment and the current situation of tax policy in our country, through the analysis of the enterprise behavior of Kun Wu Jiuding Company in different periods, this paper constructs a model of influencing factors of private equity investment. Finally, according to the theory and the conclusion of the realistic analysis of Kunwu Jiuding, the author proves the relevant theory and the tax policy of the country to the private equity investment behavior. And the tax preference to the subject of investment, because it can significantly improve the income of the private equity investment behavior, so it can significantly affect the enterprise behavior of the private equity investment organization. At the same time, according to this basic basis, this paper puts forward some policy suggestions for equity investment companies and invested enterprises, which can optimize the tax policy of private equity investment in China, and further improve the enthusiasm of private equity investment behavior. To promote its impact on economic and financial development.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F812.42;F832.51

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本文編號：1510285